WSFS Financial Corporation Plans Quarterly Dividend of $0.17 (NASDAQ:WSFS)

Key Points

• WSFS Financial Corporation has announced a quarterly dividend of $0.17 per share, with a dividend yield of 1.21%, payable on August 22nd to stockholders of record by August 8th.
• The company reported earnings of $1.27 per share for the last quarter, exceeding analyst expectations, with revenues increasing slightly year-over-year.
• WSFS Financial includes notable institutional investments, with 88.49% of the stock currently held by institutional investors and hedge funds.

WSFS Financial Corporation (NASDAQ:WSFS - Get Free Report) announced a quarterly dividend on Friday, July 25th, Wall Street Journal reports. Stockholders of record on Friday, August 8th will be paid a dividend of 0.17 per share by the bank on Friday, August 22nd. This represents a $0.68 annualized dividend and a dividend yield of 1.21%. The ex-dividend date of this dividend is Friday, August 8th.

WSFS Financial has a dividend payout ratio of 13.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect WSFS Financial to earn $4.85 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 14.0%.

WSFS Financial Stock Performance

Shares of NASDAQ:WSFS traded down $0.25 during trading on Friday, reaching $56.36. The company had a trading volume of 491,632 shares, compared to its average volume of 331,413. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.83 and a quick ratio of 0.83. WSFS Financial has a fifty-two week low of $42.44 and a fifty-two week high of $62.75. The firm has a market capitalization of $3.20 billion, a price-to-earnings ratio of 12.67 and a beta of 0.87. The stock's fifty day moving average price is $54.96 and its 200 day moving average price is $53.44.

WSFS Financial (NASDAQ:WSFS - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The bank reported $1.27 earnings per share for the quarter, beating analysts' consensus estimates of $1.13 by $0.14. WSFS Financial had a return on equity of 10.06% and a net margin of 18.86%. The firm had revenue of $267.50 million for the quarter, compared to the consensus estimate of $221.93 million. During the same period in the previous year, the business earned $1.08 earnings per share. The company's revenue for the quarter was up .6% compared to the same quarter last year. As a group, equities research analysts predict that WSFS Financial will post 4.47 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Keefe, Bruyette & Woods decreased their price target on WSFS Financial from $66.00 to $64.00 and set a "market perform" rating on the stock in a research note on Monday, April 28th. Wall Street Zen downgraded WSFS Financial from a "hold" rating to a "sell" rating in a research report on Friday, May 30th. Finally, Stephens reiterated an "overweight" rating and set a $64.00 target price on shares of WSFS Financial in a research report on Monday, April 28th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $62.75.

Hedge Funds Weigh In On WSFS Financial

A number of hedge funds have recently modified their holdings of WSFS. United Services Automobile Association acquired a new stake in WSFS Financial during the first quarter valued at $204,000. AQR Capital Management LLC lifted its holdings in WSFS Financial by 102.6% during the 1st quarter. AQR Capital Management LLC now owns 10,347 shares of the bank's stock worth $537,000 after buying an additional 5,240 shares in the last quarter. Intech Investment Management LLC raised its position in shares of WSFS Financial by 21.8% during the 1st quarter. Intech Investment Management LLC now owns 31,594 shares of the bank's stock valued at $1,639,000 after acquiring an additional 5,649 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of WSFS Financial by 3.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,835 shares of the bank's stock valued at $1,807,000 after buying an additional 1,176 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in WSFS Financial by 230.4% during the 1st quarter. Millennium Management LLC now owns 72,726 shares of the bank's stock worth $3,772,000 after purchasing an additional 50,717 shares in the last quarter. 88.49% of the stock is currently owned by institutional investors and hedge funds.

About WSFS Financial

WSFS Financial Corporation operates as the savings and loan holding company for the Wilmington Savings Fund Society, FSB that provides various banking services in the United States. It operates through three segments: WSFS Bank, Cash Connect, and Wealth Management. It offers various deposit products, including savings accounts, demand deposits, interest-bearing demand deposits, money market deposit accounts, and certificates of deposit, as well as accepts jumbo certificates of deposit from individuals, businesses, and municipalities.

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